Challenges of global entrepreneurship in a world of chaos

Has anyone thought about how companies are born globally? What does this imply? No start-up or an entrepreneurial venture can claim to be born or operational without an impact from the global forces. It can be from raw materials or sourcing suppliers to value addition in the global supply chain. Enterprises are engaged in drawing the best sources of manufacturing and talent to upscale their respective business. Besides the talent hunt, these entrepreneurs cum CEOs are actively engaged in tapping investors, irrespective of geography and at the same time managing from a distance.

In order to stay competitive, these entrepreneurial firms driven by their founders and CEOs must master the challenges of manufacturing, service delivery, capital sourcing, or talent acquisition, for instance the moment they start up, besides many other facets. The real challenge is in building their ideas and dreams into an active enterprise in the true sense of entrepreneurship. New business opportunities span more than one country. Hence, the combined challenge is in managing geographies.

How to manage the context is the next one? Context hereby meaning, a particular nation’s regulatory, judicial system, taxation norms, business environment and even the labour systems in place. The overall challenge is in managing resources and capabilities. Thus, these new age entrepreneurs and their CEOs must have the courage to build in new skills to tackle these critical points.

Introspection

Thus, the prime objective is to understand the:

1. Nuances
2. Critical factors

These may be either enablers or impediments towards global entrepreneurship.

Entrepreneurs, the incumbents, founders and the CEOs must be able to identify:

1. Opportunities
2. Garner resources
3. Initiate

They must accelerate their soft skills like building a global vision, enhance leadership and be powered with passion. They should be in a position to think deeply and respond to these 9 questions.

9 Questions for exploration

1. What should be the mindset of an entrepreneur especially in times of chaos?
2. How does an entrepreneur cum CEO at the global level articulate the purpose?
3. What are the typical creativity challenges while scaling in the global scenario?
4. What have been your strategies in overcoming them?
5. Are there new approaches to leadership in driving innovative behaviours within your organization as a global challenge?
6. Is there a strategic shift and transition of customers?
7. Is this a time where entrepreneurs cum CEOs could look at new business models, which were not envisioned earlier?
8. How to strike a delicate balance between ‘adhering to your vision’ and ‘adapting to a changed business world post pandemic?
9. During business growth, what were the most important leadership lessons towards global entrepreneurship in pandemic times?

These are few areas to the central theme of discussion.    

What we say?

Collaborative existence is paramount to success in a complex intertwined and strongly interdependent world, where social engineering plays an important part. Human values and keeping the sanctity is yet another one, which we witnessed in during pandemic times. Still, the tough questions are left un-answered and perhaps the nine questions raised above after a careful examination and intense interviews with top entrepreneurs cum CEOs, should provide a starting point for rethinking, insights and reimagining the future.

Written by Prof. (Dr.) Manoj Joshi.
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